Post a Comment On: Brisbane Apartment

The AFR on Thursday (30/01/14, p.38) had a full page story about Brisbane apartment developer, Aria.  Some highlights:
Aria has sold 188 apartments in three residential towers it has completed in South Brisbane since mid-2012. It has a 20 storey tower under construction on Grey Street. It is about to start another 20 storey tower of the corner of Edmondstone and Boundary Streets. Aria owns a dozen more sites in South Brisbane. South Brisbane is catching up to Bowen Hills and The Valley for residential apartment development. The change is due to construction of office towers, bring 10,000 workers to the area. Residential building approvals have jumped from 151 in 2010/11 to 744 in 2012/13. Gross rental yields are said to be 6%. Prices for Aria's apartments are $7,500 to $8,000 a sqm, and are likely to rise. Aria has lodged a DA for a 26 storey tower on Hope Street that will have over 180 apartments. Aria pays interest on deposits for off-the-plan apartments. 75% of Aria's clients are investors, with fewer than 10% being SMSFs. Half the buyers are from SE Queensland. There are more than 4000 apartments under construction in inner Brisbane.  The biggest supply potential is in Brisbane's North Eastern area, around Bowen Hills and The Valley - this is seen as a risk.